AQA GCSE Economics Paper 2 June 2023 question paper

A budget surplus is best described as which of the following?

Which of the following is not a supply-side policy?

Table 1 shows economic growth between 2018 and 2022 for an economy.

Using Table 1, the average (mean) annual rate of economic growth for the period 2018–2022 to one decimal place is

‘If inflation is low, the money saved today can be used at a later date with no significant reduction in its purchasing power.’

Which function of money does the above statement most closely relate to?

Which of the following would be most likely to increase income inequality?

Which of the following is most likely to increase the UK’s quantity of imports?

Which type of unemployment is caused by unemployment benefits being generous enough to allow workers to take a long time when searching for jobs?

Which of the following pairs of policy changes is most likely to reduce a balance of trade

Figure 1 shows the US Dollar ($) to the British Pound (£) foreign exchange market.

Which of the following could have caused the change in the equilibrium from point A to point B?

Table 2 shows data from the current account of the balance of payments for an economy.

Based on this information, calculate the current account balance for this economy.

State two factors that may influence the rate of interest charged by banks lending money.

Explain one benefit of increasing taxation rates for an economy.

Explain one factor that may contribute to the growth of globalisation.

Table 3 contains labour market data for an economy.

Using Table 3, calculate the unemployment rate to one decimal place.

Show your working.

Explain one possible consequence for UK businesses of increased UK unemployment.

Using Figure 2, analyse how redistribution of income and wealth can be achieved through taxation and government spending.

State two examples of direct taxes used in the UK.

Explain one role of a commercial bank.

Explain one disadvantage of using supply-side policies.

Table 4 shows data relating to tax rates and personal allowances in an economy.

Table 4 – Income tax rates and allowance for yearly income

A person earns an annual income of £35 000 from working. Using Table 4, calculate the amount of income tax this person pays. Show your working.

Explain what is meant by a progressive tax.

Table 5 shows the taxes collected by a government in 1 year.

Use Table 5 to complete the pie chart on the opposite page to show the proportions of total tax revenue collected for each of the following taxes:

• income tax

• value-added tax

• National Insurance contributions.

Additional information:

• the area for ‘All other taxes combined’ has already been completed

• each segment shown on the pie chart represents 45 degrees

• use of a protractor is not required.

Different taxes collected by a government in 1 year

Using Table 6, calculate the UK’s (mean) average inflation rate for the years 2021 and 2022 to one decimal place.

Using Item A, explain two possible effects of increasing interest rates.

Possible effect 1

Possible effect 2

Using Item B, analyse how government policies can increase economic growth.

Do you think aiming for price stability should always be an economic priority for governments?

Use Item A and Item B and your own economic knowledge to justify your view.